Open Forum – Wednesday

9 May 2018

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75 Comments

  1. David

     /  May 9, 2018

    We are in some ludicrous position now following the boost to a billion dollars for Winstons MFAT baby, no 10 bucks off Drs visits but a new embassy in bloody Sweden, Sweden is part of the EU and has little say in its own foreign affairs and none in trade.

    Reply
    • Maybe we should rate the Swedish Embassy cost in terms of Middlemores. It makes another mockery of the Government’s claim of a health crisis – and what about the housing crisis and Kiwibuild?

      Reply
    • Blazer

       /  May 9, 2018

      ‘ Sweden is part of the EU and has little say in its own foreign affairs and none in trade.’
      Sweden and swedes would be interested to know…that!

      Reply
      • David

         /  May 9, 2018

        “Sweden and swedes would be interested to know…that!”

        Would they? Are they really that ignorant? I’m sure them joining the EU was in a newspaper or something.

        Reply
  2. David

     /  May 9, 2018

    A billion for Jones and a billion for Winston and all Shaw got was the Waka jumping bill, no Kermadec Sanctuary and the prospect of being turfed out of parliament next election and all for a halt to gas exploration in 30 years time likely to be overturned by the next government.
    What a bloody waste and what a loss, he had the same leverage as NZ First and he blew it.

    Reply
    • duperez

       /  May 9, 2018

      Does that mean you won’t vote for him next time round?

      Reply
  3. Pickled Possum

     /  May 9, 2018

    Westpac, BNZ and ANZ combined made cash profits of $1.92 billion in their half-year results.

    https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12046682

    Reply
    • Blazer

       /  May 9, 2018

      HFD thinks that a modest R.O.I!

      Reply
      • High Flying Duck

         /  May 9, 2018

        Do you know how much capital they have invested to receive that return? Simply posting a $$ profit figure is irrelevant without context.

        Reply
        • Blazer

           /  May 9, 2018

          presumeably you do,because you quoted 10-13% ROI..a couple of days ago.

          Reply
      • High Flying Duck

         /  May 9, 2018

        Just checked – ANZ is earning a 12.59% ROE, less than the industry average and certainly nothing to be up in arms about. That return is on $80B plus of invested equity.

        Reply
        • Gezza

           /  May 9, 2018

          They’re offering 3.55% pa on term deposits. They don’t seem to be short of a dollar.

          Reply
        • Blazer

           /  May 9, 2018

          sure it is!You understand how fractional reserve banking works and how banks create money by typing digits into an account.A magic show of draw dropping…proportion.

          Reply
          • High Flying Duck

             /  May 9, 2018

            Fractional banking has nothing to do with this. The company itself has $80B in equity – that is shareholders invested funds. On this investment it is earning a 12.59% return and paying a 5.7% dividend return.
            Term deposit rates aren’t really relevant to this either Gezza…:)

            Reply
            • Blazer

               /  May 9, 2018

              80billion is the Market capitalisation at the current s/p.
              If fractional reserve banking has nothing to do with ‘this’,how do you think the ANZ makes profits?
              There is over 600 billion of current bank loans in the NZ market and ANZ has the biggest share…so where did the money’…come from?

            • High Flying Duck

               /  May 9, 2018

              There are many places Blazer.

              Kiwi households collectively have deposited savings of around $155 billion (and rising) stored in registered banks as at April 2016.

              “In practice, banks have a diverse funding base but it can be broken down into some key components –
              capital, deposits, short-term wholesale debt (defined as debt maturing within one year) and long-term wholesale debt (defined as debt maturing beyond one year). ”

              https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2012/2012jun75-2wong.pdf

              https://www.rbnz.govt.nz/financial-stability/overview-of-the-new-zealand-financial-system/the-banking-system

            • High Flying Duck

               /  May 9, 2018

              “Banks get about half their NZ dollar funding from bank accounts/deposits from households.

              Further, this source of funding is growing, not declining.

              Ten years ago, (January 2007 and pre GFC) banks got 35.2% of their NZ dollar funding from households. In January 2017 that had risen to 46.8%, touching the record high of 46.9% in September 2016.

              Of course, NZ dollar funding is only a part of banks’ total funding. But it is a growing part.

              Ten years ago 62% of bank funding was sourced domestically. But by January 2017 that had grown to 72%.”

              https://www.interest.co.nz/news/86326/we-look-detail-where-banks-source-their-funds-how-has-changed-over-time-and-what-they-pay

            • Blazer

               /  May 9, 2018

              your links below are interesting reading….one comment..
              ‘I suggest that the market is pricing bank shares at multiples of book value, so shareholders only receive solid dividends relative to market cap, but receive high dividends relative to capital invested.’
              …exactly my..point.

            • Blazer

               /  May 9, 2018

              is this guy lying…
              ‘New Zealand borrowed a lot of money and was reliant on offshore capital because of its weak savings pool.

              “That makes us reliant on global lenders. If we start to see the cost of funds move up it’s typically a sign something’s going on,” Bagrie said
              NZH

  4. lurcher1948

     /  May 9, 2018

    Good morning fellow posters, its a lovely day here in Wellington and a special welcome to Nostradamus a scribe and archivist at Kiwiblog, who could be lurking in the background,dont be shy put a comment on this fine blog N.
    A teaser: years ago and in another time in my life,i was an angry man and my posts reflected that but that was then not now.Nostradamus so feel free to share my posts on Kiwiblog but be pleasant about it:)

    Reply
    • lurcher1948

       /  May 9, 2018

      ITS hard when you are bitter and old and you have lost control of your future, swinging out, but not now,set up for life

      Reply
  5. sorethumb

     /  May 9, 2018

    The rise of universities’ diversity bureaucrats
    How is the hiring spree for a new kind of official changing higher education in America?
    https://www.economist.com/blogs/economist-explains/2018/05/economist-explains-4?

    Reply
  6. sorethumb

     /  May 9, 2018

    What the Alt-Right Gets Wrong About Jews

    http://quillette.com/2018/03/15/alt-right-gets-wrong-jews/

    They blame the Jews for multiculturalism based on Jewish influence in the Frankfurt school but (in particular) Kevin McDonald’s theory.

    Reply
    • sorethumb

       /  May 9, 2018

      My favourite Jew

      Reply
    • sorethumb

       /  May 9, 2018

      When Charlottesville was going on I wan’t sure who these people were. After all you push them into the Nazi corner and you have won. The truth is though that we are seeing a progressive movement that doesn’t recognise a peoples right to place.
      The elements defining collective identity are language; common descent; history; religion and territory.
      ‘It’s a matter of pure arithmetic that, if nothing else happens, non-Europeans will become a majority and whites a minority in the UK. That would probably be the first time an indigenous population has voluntarily become a minority in its historic homeland’.

      https://www.waikato.ac.nz/__data/assets/pdf_file/0016/74140/dp-36.pdf

      Reply
      • phantom snowflake

         /  May 9, 2018

        No, apparently it already happened here; when Maori allegedly signed over sovereignty to ‘The Crown’. (According to a bunch of Old White Men here and elsewhere.)

        Reply
        • sorethumb

           /  May 9, 2018

          You are comparing apples with pears. Here’s what [seems likely] happened at Waitangi.

          Alex Frame
          People sometimes ask me, ‘How do I see the Treaty. How should we think of the Treaty?’ I’ve always said that the first article of the Treaty – the kawanatanga part – is very strong – much stronger than some Maori are prepared to concede, and the second article, which guarantees rangatiratanga is also very strong – much stronger than many Pakeha are prepared to concede. So how can we have these two strong articles sitting there? I’m tempted sometimes by this idea. In a way both sides gambled. The Crown gambled. Why was it prepared to sign up to Article II? Well, in a sense the Crown gambled that there would be assimilation. And therefore if there was assimilation, as you will see. Article II would become increasingly unimportant. On the other hand, Maori gambled. After all, why did Maori sign up for Article I – and by the way, don’t go for these readings that say Article I was only giving the Queen power over Pakeha. The most elementary reading of the Maori version of the first article shows that that is completely untenable. It gives the Queen te Kawanatanga katoa – all – of the kawanatanga; o ratou wenua – of their lands. Now, which lands is that? That’s the lands of the chiefs. That’s all it can be -have a look at the structure and I challenge anyone to show me an even faintly tenable reading which can dispute that it’s all the territory of New Zealand.
          So why did Maori sign up to that? Well, I think they gambled. I think they gambled that the as they were in 1840, but would stay approximately such that there would be a preponderance of Maori and that the newcomers would be relatively few. I know there is a reference in the preamble to others coming, but I think the gamble was that if the demographics stayed favourable to Maori then this kawanatanga thing would be a really abstract sort of notion in the background.

          Reply
          • sorethumb

             /  May 9, 2018

            Well, I think they gambled. I think they gambled that demographics in New Zealand would stay, not exactly the as they were in 1840

            Bullshit, Backlash, and Bleeding Hearts. By David Slack

            Reply
            • Gezza

               /  May 9, 2018

              Have you visited the museum at the Waitangi Treaty grounds, thumbsta?

          • phantom snowflake

             /  May 9, 2018

            One small point, which no-one seems to mention is that one of the critical terms used, kawanatanga is a bastardised word; kawana being a transliteration of governor. The implication being that it described a concept which did not exist in Te Ao Maori, and which was a recent addition to Maori vocabulary. And so it is questionable as to whether the term would have been fully grasped by many of the signatories. Yeah not only the illustrious Alex Frame gets to speculate…

            Reply
    • Alan Wilkinson

       /  May 9, 2018

      Looks like a mess with exemptions and unintended consequences. It says it takes up to ten years to get development approvals. And you wonder why houses are expensive.

      Reply
  7. Griff

     /  May 9, 2018

    Kiwis innovate.

    Reply
    • sorethumb

       /  May 9, 2018

      I hate jet skis

      Reply
      • Gezza

         /  May 9, 2018

        Figures. Whereabouts is Jetskovakia?

        Reply
        • sorethumb

           /  May 9, 2018

          My views on race are that society will always change as for example Kiwis marry foreigners and people come to work legitimately.
          However the government embarked on a program to diversify the population (as a primary objective). Against the wishes of NZrs (Parr 2000)

          It was a deliberate strategy, based on a premise that the “infusion of new elements to New Zealand life has been of immense value to the development of this country to date and will, as a result of this Government’s review of immigration policy, become even more important in the future” (Burke 1986:330).
          http://www.waikato.ac.nz/__data/assets/pdf_file/0009/76554/nzpr02-28-bedford.pdf

          Reply
          • Gezza

             /  May 9, 2018

            Unfortunately Kerry Burke was as thick as two short planks.

            Reply
        • Kitty Catkin

           /  May 9, 2018

          Jetskovakia used to be called Dunebuggonia.

          Reply
  8. PDB

     /  May 9, 2018

    Headline: “The New Zealand Super Fund is keen to build, operate, and own Auckland’s new light rail service, which will carry 11,000 commuters an hour.”

    This comment interested me:

    “I am confused here with the numbers. Twyford says up to 11,000 commuters/hour and AT website says 2-car units will hold up to 420 pers at a time. So greater than 26 trams needed at any one time or more than 13 two car trams heading each way to/from the airport at once. This is on an 18km stretch from Eden Park to the Airport or one tram every 1.3km approx. AT says they will travel faster than buses let’s say 50km/h as there will be pedestrians walking beside these trains via the illustrations (and apparently cars parked on the road although AT says it will be dedicated lines?…) then the 22 minute journey from Eden Park to the Airport will have a tram running along every 90 seconds – which would not even allow an elderly passenger to take a seat before it accelerated to high speed to make up for the lost time at the stop. The poor folk trying to cross Dominion Road at Balmoral or Mt Albert Road would have approximately 60 seconds to squeeze in to avoid disruption to the main line let alone anyone who used a smaller arterial. I call BS on the figures.”

    https://www.stuff.co.nz/national/politics/103750310/nz-super-fund-keen-to-build-and-operate-aucklands-light-rail

    Reply
  9. Alan Wilkinson

     /  May 9, 2018

    As expected, Labour continues to hound private landlords out of the market leaving muggins taxpayer as the only provider of rental properties for the great unwashed:
    https://www.stuff.co.nz/business/103757416/why-should-the-landlord-pick-up-the-tab-time-and-time-again

    Reply
    • Blazer

       /  May 9, 2018

      unless these distraught landlords are levelling properties when they are ‘hounded’ out of the market,it will make no difference to the total…housing stock…Al.

      Reply
      • Alan Wilkinson

         /  May 9, 2018

        I know you are intentionally thick and will never remember what you are taught when you don’t want to know, but actually it does. The ex-rentals are bought by homeowners who therefore do not need to build a new house. The renters become homeless.

        Reply
        • Blazer

           /  May 9, 2018

          make up your mind.Before you maintained landlords built new properties to rent out.Prospective homeowners are a constant in the market whether or not landlords are selling up as you suggest…Al.

          Reply
          • Alan Wilkinson

             /  May 9, 2018

            That of course is the point. When landlords exit no new homes are built.

            Reply
            • Gezza

               /  May 9, 2018

              We had a builder build our home and we weren’t landlords. The builder advertise the property & intention to build. We went & saw both.

            • Gezza

               /  May 9, 2018

              Man I just found copies of the title & mortgage documents. We had this house built in October 1980. The house & land cost $40k. We got a mortgage for $21k. Our salaries were bloody low, bottom end public service. Wife lived with her parents until we met & wed & she was a saver. I flatted then rented in Welly until we met & I wasn’t a saver. Had stuff-all but a signature in the bank as I recall.

              We married early 78 & rented in Linden for a couple of years, scrimping & saving for a deposit. After the 2nd rent increase we thort “stuff this” & were able to move in with her parents & away from a nosy Landlord who let himself into the flat when we weren’t there.

              We managed to save $19k & standard 30 year mortgage was with the Housing Corp. I remember we got a low start interest option of 3% for the first few years but I’m struggling to work out what period & what it went up to because the legal language is bloody impenetrable. I think mortgage docs have probably come a long way since then.

            • Gezza

               /  May 9, 2018

              Hill section. We built on stilts & spent another $10k enclosing downstairs with a double garage music room & small downstairs bathroom. that was from savings, no mortgage. Home-made lunches & work’s horrible free coffee for at least a decade.

              I did all the log walls & landscaping by hand on weekends & during annual leave except for a bobcat grading sloping walkways, & wife’s uncle doing a block wall at the top after her old man & I dug prepped & poured the footings. I nearly freakin died when I realised how much there was to do but, in the end I got there.

              We sold the place in 2005. We got $325k for it.

            • Gezza

               /  May 9, 2018

              Oh, that’s right we built it in weatherside as recommended by the builder & had to completely reclad it when it turned out to be a failed product. Their assessor said only 1/4 of the boards were affected so I got him back when the light was was right & proved 3/4 were failing & that’s what they finally got away with paying for. Replaced it with Hardiplank cement fibreboard & got the ends boxed – it looked great but man that stuff drank paint.

        • Griff

           /  May 9, 2018

          The ex-rentals are bought by homeowners who therefore do not need to build a new house. The renters become homeless.

          Shite oh dear.
          Ex rentals are brought by ex renters.
          The number of housing units does not change.
          As pointed out to you many times landlords are not and never have been a force when it comes to new home building .
          The rental market in New Zealand is driven by tax free capital gains.
          The property market is nothing but a huge speculative bubble based on endless price inflation.
          Tax the buggers collapse the bubble and get speculation out of housing.

          Reply
          • Alan Wilkinson

             /  May 9, 2018

            Few renters wish and can afford to buy. That won’t change.

            Reply
            • Blazer

               /  May 9, 2018

              making a fool of yourself..Al..’ The ex-rentals are bought by homeowners who therefore do not need to build a new house. The renters become homeless.’….new homeowners that were renting vacate a rental property…Al.

            • Alan Wilkinson

               /  May 9, 2018

              About what I could expect from a serial bank conspiracist. You have no clue and never will.

  10. lurcher1948

     /  May 9, 2018

    YAWN the attack poodle called Mr Farrar(KIWIBLOG), says things were so much easy when National just paid for my life style, and walks overseas those damn labour plebs I haven’t done a walk overseas walk with pictures on my blog for ages, I HAVE TO WORK TO INSULT THE LEFT, drop the sprog and work david.

    Reply
    • Grimm

       /  May 9, 2018

      “years ago and in another time in my life,i was an angry man and my posts reflected that”

      Occasional relapse maybe?

      Reply
  11. lurcher1948

     /  May 9, 2018

    You have to love the racism in the USA, again WHITE guns and blacks, and a RACIST OLD white female, nearly another death by white racist cops, STARBUCKS CSU now this…and the right love the dog whistle POTUS#45 orange man TRUMP the bringer of death to non whites
    https://www.theguardian.com/us-news/2018/may/07/airbnb-black-guests-california-police-helicopter

    Reply
  12. PartisanZ

     /  May 9, 2018

    ‘The Invention of Capitalism: How a Self-Sufficient Peasantry was Whipped Into Industrial Wage Slaves’

    “Poverty is that state and condition in society where the individual has no surplus labour in store, or, in other words, no property or means of subsistence but what is derived from the constant exercise of industry in the various occupations of life.

    Poverty is therefore a most necessary and indispensable ingredient in society, without which nations and communities could not exist in a state of civilization. It is the lot of man.

    It is the source of wealth, since without poverty, there could be no labour; there could be no riches, no refinement, no comfort, and no benefit to those who may be possessed of wealth.”

    – Patrick Colquhoun, a merchant who set up England’s first private “preventative police“ force to prevent dock workers from supplementing their meager wages with stolen goods.

    https://www.themaven.net/sustainablehuman/old-story/the-invention-of-capitalism-how-a-self-sufficient-peasantry-was-whipped-into-industrial-wage-slaves-uXNwzOzhWEGpx3RSqkYA9Q/?full=1

    Reply
  13. sorethumb

     /  May 9, 2018

    Unions and business groups unite to oppose cuts to immigration
    https://www.theguardian.com/australia-news/2018/may/04/unions-and-business-groups-unite-to-oppose-cuts-to-immigration

    I bet rank and file had no say. That’s the way modern politics is working.

    Reply
  14. PartisanZ

     /  May 9, 2018

    Presently watching individual submissions to the Health Select Committee considering Labour’s ‘Claytons’ Misuse of Drugs Act Amendment Bill … which just now arrived on YouTube 9 or 10 days after the submissions day of 30 April …

    Reply
  15. Gezza

     /  May 9, 2018

    I think the new shorter haircut & specs look works quite well for Louise Upston.

    Reply
    • PartisanZ

       /  May 9, 2018

      Never mind the appearances Gezza …. feel the content!

      Reply
      • Gezza

         /  May 9, 2018

        Nothing wrong with trying to look your best when your only job is to whinge about the government for the next 2 1/2 years if it doesn’t collapse.

        Reply
  16. PartisanZ

     /  May 9, 2018

    The ‘science’ of economics … a matter of opinion …

    https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12047477

    Reply

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